What Happened: Revenue for fuboTV was $130.9 million in the second quarter, up 196% year-over-year. The total came in ahead of street estimates of $119.9 million.
Advertising revenue of $16.5 million was up 281% year-over-year in the second quarter.
The company ended the second quarter with 681,271 subscribers, adding over 91,000 net new users in the second quarter. Users watched 245 million hours of content, a 148% year-over-year increase.
Average revenue per user was up 30% in the second quarter and advertising average revenue per user was up 62% year-over-year.
“Our second quarter results showcase the continued momentum in our business, with consumers choosing fuboTV over more expensive legacy pay TV services due to our innovative product experience and customer-friendly approach at an affordable price,” fuboTV Chairman Edgar Bronfman Jr. said.
What’s Next: FuboTV is estimating third quarter revenue to come in a range of $140 million to $144 million, ahead of Street estimates of $126.9 million. The company sees subscribers hitting a range of 810,000 to 820,000 at the end of the third quarter.
FuboTV is guiding for fullyear revenue to be in a range of $560 million to $570 million. The total is raised from previous guidance of $520 million to $530 million. Analysts are estimating revenue to hit $531.7 million for the full fiscal year.
The company said it remains on track to release its sportsbook in the fourth quarter. FuboTV shared details of its sportsbook in a video attached to the shareholder letter.
“We are building Fubo Sportsbook to be a holistic and hyper-personalized betting experience reflecting what the user is watching on fuboTV at that very moment,” the company said.
FuboTV calls a new feature the “invisible connection” between streaming video and the mobile betting app as a key differentiator to competitors.
FUBO Price Action: FUBO shares were trading 10.51% higher to $31.65 in the after-hours session.
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